Stephen Mandel – Lone Pine Capital Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Lone Pine Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – EQT Corporation (EQT), Brookfield Corporation (BN), Wix (WIX), UnitedHealth Group Incorporated (UNH), Booking Holdings Inc. Common St (BKNG)

Increases – Vistra Corp. (VST), Amazon.com, Inc. (AMZN), KKR & Co. Inc. (KKR), Salesforce, Inc. (CRM), LPL Financial Holdings Inc. (LPLA)

Reductions – ASML (ASML), Meta Platforms, Inc. (META), Capital One Financial Corporati (COF), Microsoft Corporation (MSFT), Philip Morris International Inc (PM), and 6 more

Complete Exits – Wingstop Inc. (WING), Eli Lilly and Company (LLY), Cadence Design Systems, Inc. (CDNS), Ares Management Corporation (ARES), Toll Brothers, Inc. (TOL)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Lone Pine Capital Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q3 2021Sep 30, 2021	FATE Fate Therapeutics, Inc.	Fate Therapeutics, Inc.	Buy	+450,000+25.7%	$130.35K	2,199,284
Q3 2021Sep 30, 2021	FRSH Freshworks Inc.	Freshworks Inc.	Buy - Position Entry	+275,000	$11.74K	275,000
Q3 2021Sep 30, 2021	RH RH	RH	Buy	+269,795+26.4%	$860.73K	1,290,620
Q3 2021Sep 30, 2021	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Buy	+66,879+9.3%	$489.88K	784,342
Q3 2021Sep 30, 2021	MTCH Match Group, Inc.	Match Group, Inc.	Buy	+27,367+0.4%	$1.22M	7,773,867
Q3 2021Sep 30, 2021	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-123,629-25.5%	$1.19M	361,112
Q3 2021Sep 30, 2021	S SentinelOne, Inc.	SentinelOne, Inc.	Sell - Position Exit	-175,000-100.0%	$0.00	-
Q3 2021Sep 30, 2021	SHOP Shopify Inc.	Shopify Inc.	Sell	-202,415-12.4%	$1.94M	1,430,135
Q3 2021Sep 30, 2021	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-274,857-11.1%	$1.37M	2,193,941
Q3 2021Sep 30, 2021	SNAP Snap Inc.	Snap Inc.	Sell	-303,625-1.3%	$1.67M	22,638,657
Q3 2021Sep 30, 2021	SQ Block, Inc.	Block, Inc.	Sell	-334,407-5.9%	$1.29M	5,380,864
Q3 2021Sep 30, 2021	DXCM DexCom, Inc.	DexCom, Inc.	Sell	-427,060-22.9%	$788.15K	1,441,227
Q3 2021Sep 30, 2021	ADBE Adobe Inc.	Adobe Inc.	Sell	-461,765-19.1%	$1.13M	1,955,187
Q3 2021Sep 30, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-581,000-11.0%	$1.32M	4,694,472
Q3 2021Sep 30, 2021	MRNA Moderna, Inc.	Moderna, Inc.	Sell	-674,698-16.9%	$1.28M	3,316,199
Q3 2021Sep 30, 2021	DDOG Datadog, Inc.	Datadog, Inc.	Sell	-1,184,668-20.3%	$656.81K	4,646,717
Q3 2021Sep 30, 2021	FIGS FIGS, Inc.	FIGS, Inc.	Sell	-1,788,683-41.8%	$92.33K	2,485,894
Q3 2021Sep 30, 2021	MA Mastercard Incorporated	Mastercard Incorporated	Sell - Position Exit	-1,803,798-100.0%	$0.00	-
Q3 2021Sep 30, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-1,910,783-38.3%	$1.04M	3,074,926
Q3 2021Sep 30, 2021	CFLT Confluent, Inc.	Confluent, Inc.	Sell	-2,233,934-61.6%	$83.19K	1,394,644
Q3 2021Sep 30, 2021	IBN ICICI Bank Limited	ICICI Bank Limited	Sell	-3,405,599-7.9%	$750.09K	39,750,227
Q3 2021Sep 30, 2021	GPN Global Payments Inc.	Global Payments Inc.	Sell - Position Exit	-5,542,294-100.0%	$0.00	-
Q3 2021Sep 30, 2021	MQ Marqeta, Inc.	Marqeta, Inc.	Sell	-14,855,275-85.0%	$57.99K	2,621,520
Q2 2021Jun 30, 2021	MQ Marqeta, Inc.	Marqeta, Inc.	Buy - Position Entry	+17,476,795	$490.57K	17,476,795
Q2 2021Jun 30, 2021	BEKE KE Holdings Inc	KE Holdings Inc	Buy - Position Entry	+13,069,217	$623.14K	13,069,217
Q2 2021Jun 30, 2021	FIGS FIGS, Inc.	FIGS, Inc.	Buy - Position Entry	+4,274,577	$214.16K	4,274,577
Q2 2021Jun 30, 2021	MRNA Moderna, Inc.	Moderna, Inc.	Buy - Position Entry	+3,990,897	$937.78K	3,990,897
Q2 2021Jun 30, 2021	CFLT Confluent, Inc.	Confluent, Inc.	Buy - Position Entry	+3,628,578	$172.36K	3,628,578
Q2 2021Jun 30, 2021	PVH PVH Corp.	PVH Corp.	Buy - Position Entry	+2,719,709	$292.61K	2,719,709
Q2 2021Jun 30, 2021	SQ Block, Inc.	Block, Inc.	Buy	+2,570,126+81.7%	$1.39M	5,715,271

Page 15 of 50 • 1487 total trades

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